Key facts
- Wise has partnered with Oaknorth to strengthen its infrastructure division.
- Wise Platform offers global payments infrastructure for banks, financial institutions, and enterprises.
- Wise Platform's Correspondent Services, launched with Swift, allow for instant international payments.
- Wise has obtained new licenses in Brazil, Japan, and Australia.
- Wise became the first non-bank to join Japan's Zengin payment network.
- Wise Platform partnered with Thought Machine to provide cross-border payment capabilities.
Wise has entered into a new partnership with Oaknorth as it seeks to bolster its infrastructure division, marking a strategic shift from its original focus. The collaboration aims to enhance Wise Platform's capabilities in providing faster, cheaper, and more secure cross-border payment solutions for banks, financial institutions, and large enterprises.
Wise Platform has been actively expanding its offerings and global reach over the past year. It has introduced new features such as Correspondent Services, developed in collaboration with Swift, which facilitate instant international payments by combining Wise's infrastructure with Swift's messaging network. This service has been adopted by financial institutions in 11 countries.
Further enhancing its services, Wise Platform has also enabled partners to offer multi-currency accounts and debit cards. Notable partnerships include Nubank in Brazil, one of the world's largest digital banks, which uses Wise Platform for multi-currency accounts and debit cards for its premium clients. Tiger Brokers in Singapore also expanded its partnership to launch a debit card offering fractional shares.
Wise has also strengthened its global infrastructure by obtaining new licenses in Brazil, Japan, and Australia. In Japan, Wise became the first non-bank to join the Zengin domestic payment network, enabling instant transfers, and secured a Type 1 Funds Transfer Provider license. In Brazil, it obtained a Payments Institution licence to connect directly to the PIX system. In Australia, Wise acquired an Australian Financial Services License, expanding its capabilities to support investment services.
Additionally, Wise Platform has a year-long partnership with Thought Machine, a cloud-native core banking provider. This collaboration aims to accelerate the digitization of cross-border payments and make them more accessible globally. Both companies emphasize the benefits of cloud-native technology for efficiency, scalability, and reduced environmental impact.